@workingpaper{Asongu2012b_31,
title = {African Stock Market Performance Dynamics: A Multidimensional Convergence Assessment},
author = {Simplice A Asongu},
editor = {African 2012 Governance and Development Institute WP/12/004},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Convergence-in-African-Stock-Market-Performance-Dynamics.pdf},
year = {2012},
date = {2012-01-01},
abstract = {This paper dissects with great acuteness, the issues of convergence in financial
performance dynamics in the African continent through the lenses of stock market capitalization,
value traded, turnover and number of listed companies. The empirical evidence is premised on
11 homogenous panels based on regions (sub-Saharan and North Africa), income-levels (Low,
Middle, Lower-middle and Upper-middle), legal-origins (English common-law and French civillaw)
and religious dominations (Christianity and Islam). Findings provide partial support for the
existence of absolute convergence in some dynamics. Only sub-Saharan Africa reveals
conditional convergence in relation to per capita number of listed companies. The speed of
convergence for the most part is between 12% and 28% per annum. As a policy implication,
countries should work towards adopting common institutional and structural characteristics that
favor stock market development.},
keywords = {Convergence; Stock markets; Panel; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}